Massive Whale Transactions Directed to Coinbase May Cap XRP's Recent Climb Toward the $2.50 Resistance

Over a six-day span, two nearly identical transfers—each moving 29.53 million XRP—landed on the exchange, totaling nearly $134 million.

XRP’s recent climb toward the $2.50 resistance may be facing headwinds as on-chain activity reveals massive whale transactions directed to Coinbase.

Over a six-day span, two nearly identical transfers—each moving 29.53 million XRP—landed on the exchange, according to Whale Alert. Together, these transactions amounted to nearly $134 million.

These back-to-back transfers, flagged by Whale Alert over a six-day span, suggest potential liquidation from a major holder capitalizing on XRP’s recent price surge. The first transaction, valued at $64.4 million, landed on May 3. The second, executed on May 9, was worth $69.5 million, reflecting the token’s short-term appreciation.

Such high-volume deposits to centralized platforms often imply selling intent, especially when timed alongside market rallies. XRP had recently broken out of a prolonged consolidation phase, reclaiming momentum above the $2.35 level—fueling bullish sentiment.

Analyst Ali Martinez noted a buy signal just as the token broke resistance, hinting at a possible continuation toward the $2.50 mark. But large-scale sell-offs could interrupt that move.

Just as #XRP broke the key resistance at $2.35, we get a buy signal from the MACD on the 4H chart.

Could we see a continuation towards the next resistance at $2.50?$XRP #XRPCommunity #cryptoanalysis pic.twitter.com/Q7h2Z905bV

— Ali Martinez (@ali_crypto_notes) May 8, 2023

Despite the looming pressure, XRP’s fundamentals remain mixed. Ripple unlocked 1 billion tokens this month, and whales reportedly scooped up $1.8 billion worth of XRP over the last 30 days. Price stability has so far held, but all eyes are now on potential market reactions as Ripple edges closer to finalizing its settlement with the U.S. SEC.